The Dubai property market hit an all-time peak in May 2024, recording the highest volume and value of transactions ever, data showed on Thursday.
As many as 17,713 transactions were recorded during the month, up 53 percent compared to May 2023, real estate portal Property Finder said. Moreover, the value of these transactions increased by 38 percent, touching AED46.5 billion ($12.7 billion).
During this period, the market saw a massive rise in volume surpassing the previous peak achieved in March 2024 by 10 percent, and crossing the highest value achieved in December 2023 by 30 percent
“May 2024 has once again proven that real estate growth in the UAE is here to stay. We have seen a remarkable spike this month in volume and value of transactions not just from YoY perspective, but also exceeding pre-pandemic numbers,” said Cherif Sleiman, chief revenue officer, Property Finder.
Off-plan sales surge
The off-plan market recorded the highest volume and value of transactions ever in May, touching 11,107 transactions, data showed. The previous peak in the Dubai property market was achieved in April 2009 with 9,837 transactions, resulting in a 13 percent increase since then.
In terms of value, the off-plan market achieved transactions worth around AED22.7 billion, surpassing the highest peak last recorded in September 2023 by 25 percent.
Ownership insights
According to data, as many as 59 percent of Dubai property seekers with an interest in ownership were looking for an apartment, while 41 percent were searching for villas/townhouses. Moreover, 32 percent investors were searching for one-bedroom units, with 36 percent showing an inclination for two-bedroom apartments and 14 percent for studios.
Seekers for villas/townhouses included 40 percent searching for three-bedroom units and 46 percent for four-bedroom or larger options.
Popular areas for ownership were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah.
Rental trends
As many 78 percent of tenants were seeking an apartment, with the remaining 22 percent considering villas/townhouses, data showed.
In terms of preferences, 58 percent of tenants looking for apartments preferred furnished properties, while 40 percent turned to unfurnished options. Tenants who sought villas/townhouses showed different choices, with around 57 percent searching for unfurnished units and 42 percent going for furnished properties.
When searching for apartments, 35 percent were looking for one-bedroom units, while 33 percent expressed a preference for two-bedroom apartments and 19 percent for studios.
Those keen to select villas/townhouses showed signs of a fairly equal distribution with 43 percent looking for three bedroom units and 38 percent searching for four-bedroom or larger options.
Top areas searched to rent apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lake Towers.
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